If K1 comes up trumps and they recover the gas samples and we get a +ve production test you cant' imagine a SP under $22 given a similar size gas field to the estimated P1. If the sample and testing are favourable, the SP should then be more solidly underpinned. Furthermore, it will give confidence about the other targets so I think $25 is achievable. Hoping everything goes smoothly this time around with the drilling/testing.
merrill lynch valuation, page-7
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